<PAGE> PAGE 1
000 B000000 05/31/96
000 C000000 0000900724
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 CORPORATE HIGH YIELD FUND, INC.
001 B000000 811-7634
001 C000000 6092827165
002 A000000 P.O. BOX 9066
002 B000000 PRINCETON
002 C000000 NJ
002 D010000 08543
002 D020000 9066
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 FUND ASSET MANAGEMENT, L.P.
008 B000001 A
008 C000001 801-12485
008 D010001 PRINCETON
008 D020001 NJ
008 D030001 08543
008 D040001 9011
011 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
011 B000001 8-7221
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10281
012 A000001 STATE STREET BANK AND TRUST COMPANY
012 B000001 85-05003
012 C010001 BOSTON
012 C020001 MA
012 C030001 02110
013 A000001 DELOITTE & TOUCHE LLP
<PAGE> PAGE 2
013 B010001 PRINCETON
013 B020001 NJ
013 B030001 08540
014 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
014 B000001 8-7221
015 A000001 THE CHASE MANHATTAN BANK, N.A.
015 B000001 C
015 C010001 BROOKLYN
015 C020001 NY
015 C030001 11245
015 E010001 X
015 A000002 THE BANK OF NEW YORK
015 B000002 S
015 C010002 NEW YORK
015 C020002 NY
015 C030002 10015
015 E010002 X
015 A000003 BANKERS TRUST COMPANY
015 B000003 S
015 C010003 NEW YORK
015 C020003 NY
015 C030003 10006
015 E010003 X
015 A000004 CUSTODIAL TRUST COMPANY
015 B000004 S
015 C010004 NEW YORK
015 C020004 NY
015 C030004 10167
015 E010004 X
015 A000005 MORGAN GUARANTY TRUST COMPANY
015 B000005 S
015 C010005 NEW YORK
015 C020005 NY
015 C030005 10260
015 E010005 X
015 A000006 CHEMICAL BANK
015 B000006 S
015 C010006 NEW YORK
015 C020006 NY
015 C030006 10017
015 E010006 X
018 000000 Y
019 A000000 Y
019 B000000 180
019 C000000 MERRILLLYN
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000001 13-5674085
020 C000001 5
020 A000002 CS FIRST BOSTON CORPORATION
020 B000002 13-5659485
020 C000002 5
<PAGE> PAGE 3
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 10
022 A000001 GENERAL ELECTRIC CAPITAL CORP.
022 C000001 309967
022 D000001 0
022 A000002 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000002 13-2741729
022 C000002 23966
022 D000002 36302
022 A000003 GOLDMAN, SACHS & CO.
022 B000003 13-5108880
022 C000003 36442
022 D000003 11211
022 A000004 FORD MOTOR CREDIT CO.
022 C000004 39631
022 D000004 0
022 A000005 CITICORP SECURITIES, INC.
022 B000005 13-3585619
022 C000005 17055
022 D000005 5731
022 A000006 CS FIRST BOSTON CORPORATION
022 B000006 13-5659485
022 C000006 8664
022 D000006 11090
022 A000007 GRANTCHESTER SECURITIES
022 C000007 9146
022 D000007 10598
022 A000008 SMITH BARNEY INC.
022 B000008 13-1912900
022 C000008 12594
022 D000008 5387
022 A000009 BT SECURITIES CORPORATION
022 B000009 13-2943614
022 C000009 7418
022 D000009 9605
022 A000010 JEFFERIES & COMPANY, INC.
022 B000010 95-2622900
022 C000010 10498
022 D000010 2258
023 C000000 541747
023 D000000 148981
024 000000 N
026 A000000 N
026 B000000 Y
<PAGE> PAGE 4
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 N
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.500
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
<PAGE> PAGE 5
054 M000000 Y
054 N000000 N
055 A000000 N
055 B000000 Y
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 0
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.3
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 112.1
062 Q000000 1.1
062 R000000 1.6
063 A000000 0
063 B000000 5.1
064 A000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 N
<PAGE> PAGE 6
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 Y
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 236669
071 B000000 221444
071 C000000 337163
071 D000000 66
072 A000000 12
072 B000000 36593
072 C000000 275
072 D000000 0
072 E000000 545
072 F000000 1728
072 G000000 91
072 H000000 0
072 I000000 70
072 J000000 29
072 K000000 0
072 L000000 51
072 M000000 48
072 N000000 0
072 O000000 0
072 P000000 3165
072 Q000000 0
072 R000000 35
072 S000000 59
072 T000000 0
072 U000000 17
072 V000000 0
072 W000000 302
072 X000000 5595
072 Y000000 0
<PAGE> PAGE 7
072 Z000000 31818
072AA000000 8519
072BB000000 4732
072CC010000 3322
072CC020000 0
072DD010000 31825
072DD020000 0
072EE000000 0
073 A010000 1.4629
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 996
074 D000000 340677
074 E000000 2874
074 F000000 1763
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 2364
074 K000000 0
074 L000000 7870
074 M000000 71
074 N000000 356615
074 O000000 0
074 P000000 157
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 55554
074 S000000 0
074 T000000 300904
074 U010000 21996
074 U020000 0
074 V010000 13.68
074 V020000 0.00
074 W000000 0.0000
074 X000000 17227
074 Y000000 0
075 A000000 0
075 B000000 343160
076 000000 13.38
077 A000000 Y
077 B000000 Y
077 Q020000 Y
078 000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 C000000 2500
<PAGE> PAGE 8
081 A000000 Y
081 B000000 109
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 481
086 A020000 6517
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 COMMON STOCK
087 A020000 219914108
087 A030000 COY
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE GERALD M. RICHARD
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000900724
<NAME> CORPORATE HIGH YIELD FUND, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-START> JUN-01-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 353007755
<INVESTMENTS-AT-VALUE> 346310542
<RECEIVABLES> 10233789
<ASSETS-OTHER> 71123
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 356615454
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 55711047
<TOTAL-LIABILITIES> 55711047
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 309947061
<SHARES-COMMON-STOCK> 21996104
<SHARES-COMMON-PRIOR> 21515524
<ACCUMULATED-NII-CURRENT> 2782777
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5128218)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6697213)
<NET-ASSETS> 300904407
<DIVIDEND-INCOME> 275037
<INTEREST-INCOME> 36593390
<OTHER-INCOME> 544734
<EXPENSES-NET> (5595359)
<NET-INVESTMENT-INCOME> 31817802
<REALIZED-GAINS-CURRENT> 3786936
<APPREC-INCREASE-CURRENT> 3322391
<NET-CHANGE-FROM-OPS> 38927129
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (31825075)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 480580
<NET-CHANGE-IN-ASSETS> 13618937
<ACCUMULATED-NII-PRIOR> 2668306
<ACCUMULATED-GAINS-PRIOR> (8793410)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1727545
<INTEREST-EXPENSE> 3165041
<GROSS-EXPENSE> 5595359
<AVERAGE-NET-ASSETS> 343159988
<PER-SHARE-NAV-BEGIN> 13.35
<PER-SHARE-NII> 1.46
<PER-SHARE-GAIN-APPREC> .33
<PER-SHARE-DIVIDEND> (1.46)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.68
<EXPENSE-RATIO> 1.62
<AVG-DEBT-OUTSTANDING> 49423913
<AVG-DEBT-PER-SHARE> 2.27
</TABLE>